The Securities and Exchange Board of India (SEBI) on March 30, 2020, has decided to continue the Phase II of Unified Payments Interface with Application Supported by Block Amount due to Covid-19 virus pandemic. SEBI vide its Circular SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 08, 2019, the timeline for implementation of Phase II of Unified Payments Interface was extended till March 31, 2020. SEBI has received representations from various stakeholders to continue the Phase II of Unified Payments Interface. The systems and processes for achieving Phase III timelines of T+3 need to be further deliberated and finalized in light of the experience gained during one of the major IPOs that opened and closed in the first week of March 2020.

Thus, it has been decided to continue with the current Phase II of the UPI ASBA till further notice. The modalities for the implementation of the Phase III of the UPI ASBA shall be notified later after deliberations with stakeholders.

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